Economic development of a remote, mountainous region is a challenge for any country. This paper examines how this development challenge has been addressed in a high-altitude backward region of the People's Republic of China. Is this region increasingly being left behind or has it entered a...

Tourism accounts for around one tenth of global GDP. We analyze the impact of entertainment media in drawing tourists to filming locations (media multiplier ) and, in turn, the effect of tourism on local economic development (tourism multiplier ). To assess the media multiplier, we employ a...

We investigate the international linkages of inflation uncertainty in the G7. In a first step, we document that inflation uncertainty in the G7 is intertwined. Moreover, the degree of synchronization has increased during the recent two decades. Second, based on a Factor-Structural Vector...

Quarterly GDP figures usually are published with a delay of some weeks. A common way to generate GDP series of higher frequency, i.e. to nowcast GDP, is to use available indicators to calculate a single index by means of a common factor derived from a dynamic factor model (DFM). This paper deals...

This paper presents estimates from a latent variables model of the relation between corporate governance and financial performance. We use data on large US corporations to estimate the correlation, conditional on the firms' investment opportunity set, between governance and performance. We find...

We develop a non-linear forecast combination rule based on copulas that incorporate the dynamic interaction between individual predictors. This approach is optimal in the sense that the resulting combined forecast produces the highest discriminatory power as measured by the receiver operating...

This paper unveils a new resource for macroeconomic research: a long-run dataset covering disaggregated bank credit for 17 advanced economies since 1870. The new data show that the share of mortgages on banks’ balance sheets doubled in the course of the 20th century, driven by a sharp rise of...

Uncertainty about the future course of the economy is a possible driver of aggregate fluctuations. To identify the different dimensions of uncertainty in the macroeconomy we construct a large dataset covering all types of economic uncertainty. We then identify two fundamental factors which...

This paper investigates the tax responsiveness of multinational firms’ investment decisions in foreign countries, distinguishing firms that are able to avoid taxes (avoiders) from those that are not (non-avoiders). From a theoretical point of view, the tax responsiveness of firms crucially...

Updating the study by Seiler and Wohlrabe (2013) we use archetypoid analysis to classify top economists. The approach allows us to identify typical characteristics of extreme (archetypal) values in a multivariate data set. In contrast to its predecessor, the archetypal analysis, archetypoids...